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Documents Required for Salaried Individuals to File Income Tax Return under ITR 1
1. Form 16:
Form 16 is provided by your employer and contains details of salary income, tax deducted at source (TDS), and any other allowances or perquisites. It is an essential document for filing your income tax return.
2. Bank Statements:
Bank statements for all your savings and salary accounts are required to reconcile the interest income earned and taxes deducted, if any.
3. TDS Certificates:
Collect TDS certificates for TDS deducted on salary, interest income, or any other income. These certificates are essential for claiming credit of TDS while filing your return.
4. Investment Proofs:
Keep investment proofs such as LIC premium receipts, PPF passbook, NSC certificates, etc., handy for claiming deductions under various sections of the Income Tax Act.
5. Rent Receipts:
If you are staying in a rented accommodation and receiving House Rent Allowance (HRA), keep rent receipts handy to claim HRA exemption.
6. Form 26AS:
Form 26AS is a statement showing all tax-related information such as TDS, TCS, advance tax, etc. It is advisable to verify Form 26AS before filing your return to ensure accuracy.
7. Aadhaar Card:
Link your Aadhaar card with your PAN card as it is mandatory for filing income tax returns. Make sure your Aadhaar details match with PAN details.
By ensuring you have all the necessary documents in place, you can smoothly file your Income Tax Return under ITR 1 for the Financial Year 2023-24. If you need assistance or guidance in filing your return, feel free to book a consultation call with ebizbasket, your trusted Business Management Consultant and Financial Advisor based in India. Contact us at info@ebizbasket.tech.
